Whatever the size of your company, a business loan can provide you with the reliable working capital you need to:
From term loans and business lines of credit to SBA and commercial real estate loans, different lending solutions can help you finance all phases of your company’s growth.
How Business Loans Work
Understanding how business loans work can help you feel prepared when you apply
for your loan — and even get you more favorable interest rates.
Choosing a Business Loan
The first step is selecting the type of business loan you want to use. First, you’ll meet with your banking team to discuss your reasons for needing a business loan and the different types of business loans that may be a good fit. They’ll also review the criteria for securing a loan and work closely with you throughout the lending process. For these reasons, you should choose a bank with an experienced financial advisory team that understands your business needs.
Types of Business Loans
Lenders like First Federal Lakewood offer multiple types of business loans to fund your growth. These can include:
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Express business loans to access capital quickly.
Term loans to buy equipment, acquire assets and more.
Small Business Administration (SBA) loans to grow your small business or start-up.
Business lines of credit to secure flexible business funding.
Commercial real estate loans to acquire, build or develop a commercial investment property.
Owner-occupied real estate loans to finance office, warehouse or commercial space for your company.
Applying for a Business Loan
Depending on the type of business loan you need, your bank will ask for documents to support your loan application. These range from credit history information to financial statements and cash flow projections. Having a knowledgeable financial advisory team is a major asset in helping prepare your loan application and meet all necessary criteria.
Repaying a Business Loan
For most business loans, repayment typically involves paying the monthly interest on your balance and a set monthly payment. Increasing your monthly payment can help you reduce the amount of interest you pay overall — and pay off your loan faster.
Use our loan repayment calculator to find out how long it will take to pay off your business loan.
Comparing Types of Business Loans
Different types of business loans have different criteria that borrowers must meet.
Express Business Loans
Express business loans can make it easy to get quick cash for your business. With this ultra-fast business loan, you can:
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Loans for Small Businesses & Entrepreneurs
Various loan types are designed specifically to support local businesses at affordable rates.
Small Business Administration (SBA) Loans
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SBA loans provide essential funding for start-ups and small businesses that meet certain qualifications. These loans are backed by the Small Business Administration, a government agency that connects entrepreneurs with lenders to help drive growth. While SBA loans usually require a large amount of documentation, they come with lower interest rates and reasonable monthly payments.
Business Lines of Credit
Business lines of credit often have more flexible repayment terms than traditional term business
loans, including interest-only payments.
Use our Business Loan & Lines of Credit Comparison Tool to see the differences in your estimated monthly payments, interest owed and payoff schedules.
Commercial Real Estate Lending
Specialized commercial real estate loan options can help you get reliable financing for your next investment. Types of commercial real estate loans can include:
If your company is looking for space to grow, our commercial real estate lending platform also includes owner-occupied real estate loans to help you expa¬nd your footprint — whether you’re buying a new office or warehouse or adding onto your existing space.
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Start Your Business Loan Application
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First Federal Lakewood’s business banking team can guide your business through the process of choosing a business loan — and help the application process goes smoothly.
Schedule your business loan consultation at a branch near you.
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Apply for an Express Business Loan
Fill out our online form, or visit a branch location, to have one of our business bankers start your express business loan. You’ll receive an instant decision on a loan of up to $100,000.
Business Loan Resources
Get more insight into how business loans work with the tips and tools below — or browse our financial advice blog for expert advice on a variety of business finance topics.
Tools & Calculators